A lack of home sellers on the local housing market is preventing the Triangle area from seeing an even bigger recovery, a recent newspaper article reported.
Evidently, a low inventory is causing the most trouble on the local housing market.
Continue reading to learn more about this current housing market trend, and what analysts are expecting to happen next.
An Overview of the Current State of the Triangle Housing Market
Here’s what the newspaper recently reported about the local housing market:
- Triangle home sales increased more than 8 percent in February compared to the same period a year ago.
- Still, the market is struggling with a lack of home inventory. For instance, there were just 6,138 homes on the market in Durham, Johnston, Orange and Wake counties at the end of February, down 13 percent from the same period a year ago.
- The number of existing homes for sale decreased 17 percent while the number of new homes decreased 1 percent.
- February marked the seventh consecutive month that inventory levels decreased on a year-over-year basis.
- In the last four years, the number of homes for sale in the area have been cut in half.
Real estate analysts believe that one reason people aren’t listing their house is because, although prices have been steadily increasing, they have not recovered enough to make a profit for those people who bought their homes at the market peak.
What’s more, some sellers might be hesitant to sell their property because they don’t know if they’ll be able to find another home they want because they’re aware that the inventory is low.
As a result, experts believe that the low inventory of homes just before the busy spring selling season will make competition intense among buyers, especially when it comes to homes that are in good condition and located in the Triangle’s most coveted neighborhoods.
In some cases, real estate agents are seeing four or more offers on some listings within hours of being placed on the market.
This, of course, is causing prices on these properties to rise – sometimes even above listing price.
Thinking About Entering the Triangle Housing Market as a Seller?
As you can see, those sellers who do enter the market have a good chance of getting a great price for their home – or at least selling their home quickly.
Thus, if you’ve been thinking about listing your property in the Triangle area, now is a great time to do so! Contact us at The Rachel Kendall Team now to learn all about the services we can offer to you as a home seller to help you enjoy a successful outcome on the market!
Until next time,